Tank Payments

We’re Dane, Jad, and Matt, and we’re excited to introduce Tank Payments.

❌ The Problem

When truckers haul loads, shippers stipulate 30 to 90 day payment terms, which is too long for many trucking companies that operate on thin margins. To access cash faster (1-3 days), trucking companies sell their invoices to financing companies called “factors” for a 2-5% fee. Many truckers end up paying up to $40 in fees per invoice to wire money from their factors if they need cash from their factors immediately, meaning that some truckers give up close to 10% of their income to get access to the money they’ve already earned.

Money movement in freight is not efficient, causing truckers to stitch together a variety of tools (Cash App, local commercial banks, factoring, fuel cards, and more) to manage their businesses. Even the business that pay truckers (e.g. factors) use dated payments infrastructure, exacerbating delays. This leaves an opportunity for software that addresses these financial needs in a way that’s purpose-built for the freight industry.

✨ Our Solution

Tank Payments is a banking experience specifically designed for the freight industry, and its first feature allows truckers to get paid faster. We give truckers instant access to their money by putting factors and truckers on the same financial infrastructure. Factoring companies partner with Tank because our infrastructure reduces their time spent on accounts payable, and helps them retain customers by offering a better funding experience.

Over time, the Tank Payments will become the finance department for trucking SMBs, supporting the many unique financial requirements of freight businesses. We’ve pinpointed payroll, expense management, insurance, and P2P payments as areas of priority that our neobank is well-positioned to serve.

Our team worked together for the past 7 years, first at a startup (Graphiq, acq. 2017) and then at Amazon Alexa AI. We bring experience in financial services, data analytics, digital security, and natural language processing to a freight industry in the midst of a tech adoption boom.

🙏 Asks

1. We would love to connect with founders and teams that have experience embedding 1) payroll, 2) card rewards (e.g. fuel discounts), and 3) insurance into their software.
2. Tank wants to expand and distribute its neobank through entities that pay truckers, beyond factors. We want to learn more about how players like international freighters (e.g. Maersk), freight forwarding companies (e.g. Flexport), domestic shippers (e.g. Kroger’s Markets), and third-party logistics providers (e.g. C.H. Robinson) perform payouts and if they could benefit from payment speed and/or coordination.